On Sunday, just three days ago, I decided out of the clear blue to check out the Credit Karma app I had downloaded many months ago. I saw so many terms that I didn't understand, so I googled them. I ended up here. In just three days' time, I have received all the inspiration I need to finally fix my credit - and I am so fired up and ready to go, thanks to all of you! Thank you so much for your contributions, success stories, progress reports, advice, questions, and mostly, for your transparency. It gave me the courage to share my story and get the help and support I need to accomplish my financial goals. And even better, it inspired me to motivate others to rebuild theirs! So here's how my story begins:
Today, January 15, 2014, I have a FAKO score of 579 via CK. I intend to purchase all three scores via MyFico.com this Friday and see where I really stand. I printed out all three of my credit reports yesterday, and painfully went through each of them. My goal is to achieve a score of 650 by Summer 2014 and finance a car, then to have a score of 720+ by Summer 2015 so I can buy a house. In addition to obtaining my credit reports, another step I took this week was opening a credit union account. I intend to get a secured cc at the end of January.
BADDIES
- BK7 - falls off May 2015
Tax Lien (I don't even know what this is) - PIF falls off 8/18- Update: requested a GW withdrawal of the lien, since it has been paid for 3 yrs. 2nd Update: Received notice today that the lien will be withdrawn, with documentation in hand by the end of the month! WooHooooo! 3rd Update: Finally removed from TU and EQ.- Student Loans - lots and lots and lots of lates, 2 are past due, currently a student so most are current (total SL debt is $112k)
Foshee Management - apartment complex, $0 balance but lates reporting every month from 2011 to present.Update: Dispute pending, yielded a 36 pt boost! 2nd Update: Deleted from credit file 3/15/14.Sprint (only on TU) - $539 in collections, falls off 5/15 (will try a PFD)NCO Financial (only on TU) - $224 in collections, falls off 4/14 (will try a PFD or let it age out)Medical - $165 (plan to PFD)- Update: first attempt unsuccessful 2nd Update: Verbal PFD 3/4/14, I PIF'd with their verbal agreement to deleteDanco Financial (Auto Loan) - I'm confused by this. It says "paid collection." Repo'd 10/2007. Date reported 7/2012. How do I get this off???
CREDIT CARDS
Capital One Unsec $300, 6 lates out of 24 mos
Fingerhut $500 (just got this after reading a thread on Sunday)
Opening a First Progress Secured on Friday 1/17 Update: GOT IT! $350
Opening a Secured with CU on Friday 1/31 Update: GOT IT! $300 (you have to put down 150% of the CL, so I had to keep it low for now).
Utilization - I PIF each month and from now on, will keep the balance <9% for 1 card and $0 on others.
HARD INQUIRIES
2 - both this week when I got carried away applying for cards
Starting Score: 529 EQ | 551 TU | 614 EX | 579 TU FAKO as of 1/12/14
I'm sure it sounds pretty dumb for me to say I'm not concerned... I am kinda concerned, but the report says that it was paid in the amount of $644 on 9/23/11. I did try to do a search with the docket number, but I couldn't find anything. I guess I can call the court tomorrow to try to see what it was.
Since it's paid, should I worry about it? I know this sounds crazy, but I don't even have a slight clue what it could be and I don't recall ever paying $644 - especially not in September 2011.
@myjourney - It says Fulton County Superior Court.
Okay I just found it on the Equifax report and it says that it's a State lien.
Could that have been like from income taxes or something? There were a few years during my "dark ages" where I didn't file taxes. I cleared everything up with the IRS (I only owed taxes for one year and they deducted it from the refunds I was due), but perhaps that was from state taxes? I am just guessing. I really have no clue what this is, nor do I know how to go about finding out.
Thanks, Myjourney! This morning, I tried calling the number listed on the credit report for Fulton County but I got their voice mail. I will keep trying.
UPDATE: I called Sprint today to see if I could do a PFD. It turns out the social security number on the account does not match mine, so they suspect it may be fraud. I have had T-Mobile for as long as I can remember - like 12 years or so, and I honestly do not remember whether the Sprint charge is mine or not, but if they're going to remove it, I'm going to let them.
If not, I'm certainly prepared to pay a settlement amount if they will delete it. Worst case scenario, it falls off 5/2015.
This whole process actually kind of exciting! :-)
I spent the morning making phone calls, and here are the results thus far:
- Tax Lien ($644) - It was from state taxes. Current status is paid in full. The Clerk said I have to pick up a copy of the lien cancellation and fax it to the credit bureaus. Fortunately, I work 3 blocks from the Court, so I am heading over there right now to get it and will fax it to the credit bureaus today!
- Sprint ($539) - The SSN they have does not match mine, so they suspect it is fraudulent and will begin the process to remove it. They requested my SS card, drivers license and credit report, all of which I faxed over today.
- NCO Financial ($224) - They said that it was already removed from my credit file as of 12/1/13 but could take 30-60 days to fall off. I will check again on 2/1/14.
- Medical ($165) - Attempted to PFD but they said they will remove it when I PIF but they cannot send me anything in writing until payment is received. It's scheduled to fall off on 4/14 anyway, so I'll just pay it and hope they remove it. If they don't, no biggie.
- Danco Financial (Auto Loan) - I am so embarrassed by how irresponsible I have been with my finances and credit. I called to ask how I can have this removed from my credit file, and why the credit report shows that the last payment was made 10/2012. It turns out, I had my wages garnished for over a year and didn't even realize it, to the tune of $6000. SMH. *sigh* But the good news is that the debt is satisfied and they will consider removing it from my credit file. The attorney is going to call me back today and let me know if they will remove it.
Next steps, get student loans current and work on credit card portfolio. I'm proud of my progress, however minor it is. I'm glad to be taking steps in the right direction, and wondering what the heck took me so long!
It's been nearly a week since I began my journey. I'm proud of my efforts thus far, although I have a long, long way to go. Here is what I've accomplished this week.
- Obtained copies of all three credit reports and read each one.
- Obtained two of three credit scores, which are significantly lower than my FAKO from CK.
- Investigated a lien on my credit report. Learned that it was paid in full in 2011. Went to the court to obtain a copy of the debt cancellation. Faxed it to TU and EQ, requesting a deletion.
- Called to request two other deletions: a cell phone bill debt which may or may not have been mine, and a repo'd auto which is paid in full.
- Did some research on what is the best course of action to take to bring my student loans current.
- Opened credit union account.
- Opened three new credit cards (Fingerhut $500, CU Secured Card $300, First Progress Secured $350).
- Paid my Capital One down to <9% util.
I think once I get my student loans current and all the baddies removed or aged off, I should be in a decent place.
Current scores:
EQ: 529
TU: 551